market watch houston industrial€¦ · market watch industrial sales statistics houston msa united...

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HOUSTON INDUSTRIAL FEBRUARY 2016 RECENT INDUSTRIAL LEASES Northwest Near :: The Service Center 81,350 SF renewal at West by Northwest North Near :: Circle 8 Services 38,620 SF new lease at Udelson Industrial Park Southwest Far :: Dräger 37,651 SF prelease at Beltway Southwest Business Park Northwest Near :: Specialty Rolled Metals 32,787 SF renewal at Windfern Distribution Center RECENT INDUSTRIAL SALES Northwest Far :: Bondesen North Business Park 519,853 SF, 11 property portfolio Buyer: Industrial Property Trust Seller: DCT Industrial Trust INDUSTRIAL LEASE STATISTICS Source: Transwestern analysis of Costar data, includes buildings 15,000 SF RBA and greater, excluding government owned buildings Houston Industrial Submarkets CLICK MAP BELOW TO EXPAND 610 10 10 290 59 90 99 249 8 6 SE N S NE SW CBD NW Industrial Market Indicators SUBMARKET TOTAL RBA (SF) DIRECT VACANT (SF) DIRECT VACANCY RATE OVERALL VACANCY RATE SF UNDER CONSTRUCTION 2015 NET ABSORPTION Central Business District 30,218,438 1,488,648 4.9% 5.0% - (55,000) East-Southeast Far 47,439,662 2,808,593 5.9% 6.0% 1,896,026 2,071,000 North Far 62,289,927 6,038,488 9.7% 9.9% 1,333,311 2,208,000 North Near 17,796,140 1,087,575 6.1% 6.4% 30,000 247,000 Northeast Far 1,064,701 - - - - - Northeast Near 30,171,678 374,480 1.2% 1.2% - 120,000 Northwest Far 62,969,456 4,540,907 7.2% 7.3% 4,138,840 1,578,000 Northwest Near 87,609,008 3,398,840 3.9% 4.1% 42,000 (137,000) South Far 29,810,794 720,904 2.4% 2.6% 210,000 343,000 South Near 12,154,332 393,370 3.2% 3.3% - 123,000 Southeast Near 30,734,163 523,540 1.7% 1.7% - (116,000) Southwest Far 9,552,615 628,820 6.6% 6.6% 743,757 318,000 Southwest Near 38,855,575 1,655,077 4.3% 4.3% 349,000 (31,000) Sugar Land 18,352,062 1,034,045 5.6% 5.7% 756,000 403,000 TOTAL 479,018,551 24,693,287 5.2% 5.3% 9,498,934 7,072,000 Source: Transwestern analysis of Costar data, includes buildings 15,000 SF RBA and greater, excluding government owned buildings MARKET WATCH Industrial Sales Statistics HOUSTON MSA UNITED STATES QUARTER TO DATE LAST QUARTER (Q4 2015) TRAILING 12 MONTHS LAST QUARTER (Q4 2015) TRAILING 12 MONTHS Volume ($ Mil) $57.2 $536.7 $1,829.7 $26,193.0 $76,568.0 No. Of Properties 7 54 162 2,586 7,417 Total SF 800,113 7,731,993 25,349,342 441,004,109 1,138,130,622 Average Price/SF N/A $101 $77 $75 $75 Average Cap Rate (Yield) N/A N/A 7.8% 6.6% 6.8% Source: Real Capital Analytics Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15 Q4 15 Overall Vacancy Rates Asking Rental Rates (NNN) $5.25 $5.50 $5.75 $6.00 $6.25 $6.50 $6.75 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0%

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Page 1: MARkET WATCh HOUSTON INDUSTRIAL€¦ · MARkET WATCh Industrial Sales Statistics hOUSTON MSA UNITED STATES QUARTER TO DATE LAST QUARTER (Q4 2015) TRAILINg 12 MONThS LAST QUARTER (Q4

HOUSTON INDUSTRIAL FebRUARy 2016

Recent IndustRIal leases

Northwest Near :: The Service Center 81,350 SF renewal at West by Northwest

North Near :: Circle 8 Services38,620 SF new lease at Udelson Industrial Park

Southwest Far :: Dräger37,651 SF prelease at Beltway Southwest Business Park

Northwest Near :: Specialty Rolled Metals 32,787 SF renewal at Windfern Distribution Center

Recent IndustRIal sales

Northwest Far :: Bondesen North Business Park 519,853 SF, 11 property portfolioBuyer: Industrial Property TrustSeller: DCT Industrial Trust

INDUSTRIAL LEASE STATISTICS

Source: Transwestern analysis of Costar data, includes buildings 15,000 SF RBA and greater, excluding government owned buildings

Houston Industrial Submarkets CliCk MAp Below To expAnd

610

45

1010

290

59

90

288

99

249

8

35

6

SE

N

S

NE

SW

CBD

NW

Industrial Market IndicatorsSUBMARKET TOTAL RBA (SF) DIRECT VACANT (SF) DIRECT VACANCY RATE OVERALL VACANCY RATE

SF UNDER CONSTRUCTION

2015 NET ABSORPTION

Central Business District 30,218,438 1,488,648 4.9% 5.0% - (55,000)

East-Southeast Far 47,439,662 2,808,593 5.9% 6.0% 1,896,026 2,071,000

North Far 62,289,927 6,038,488 9.7% 9.9% 1,333,311 2,208,000

North Near 17,796,140 1,087,575 6.1% 6.4% 30,000 247,000

Northeast Far 1,064,701 - - - - -

Northeast Near 30,171,678 374,480 1.2% 1.2% - 120,000

Northwest Far 62,969,456 4,540,907 7.2% 7.3% 4,138,840 1,578,000

Northwest Near 87,609,008 3,398,840 3.9% 4.1% 42,000 (137,000)

South Far 29,810,794 720,904 2.4% 2.6% 210,000 343,000

South Near 12,154,332 393,370 3.2% 3.3% - 123,000

Southeast Near 30,734,163 523,540 1.7% 1.7% - (116,000)

Southwest Far 9,552,615 628,820 6.6% 6.6% 743,757 318,000

Southwest Near 38,855,575 1,655,077 4.3% 4.3% 349,000 (31,000)Sugar Land 18,352,062 1,034,045 5.6% 5.7% 756,000 403,000

TOTAL 479,018,551 24,693,287 5.2% 5.3% 9,498,934 7,072,000 Source: Transwestern analysis of Costar data, includes buildings 15,000 SF RBA and greater, excluding government owned buildings

MARkET WATCh

Industrial Sales StatisticshOUSTON MSA UNITED STATES

QUARTER TO DATE

LAST QUARTER (Q4 2015)

TRAILINg 12 MONThS

LAST QUARTER (Q4 2015)

TRAILINg 12 MONThS

Volume ($ Mil) $57.2 $536.7 $1,829.7 $26,193.0 $76,568.0

No. Of Properties 7 54 162 2,586 7,417

Total SF 800,113 7,731,993 25,349,342 441,004,109 1,138,130,622

Average Price/SF N/A $101 $77 $75 $75

Average Cap Rate (Yield)

N/A N/A 7.8% 6.6% 6.8%

Source: Real Capital Analytics

Q412

Q113

Q213

Q313

Q413

Q114

Q214

Q314

Q414

Q115

Q215

Q315

Q415

Overall Vacancy Rates Asking Rental Rates (NNN)

$5.25

$5.50

$5.75

$6.00

$6.25

$6.50

$6.75

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

Page 2: MARkET WATCh HOUSTON INDUSTRIAL€¦ · MARkET WATCh Industrial Sales Statistics hOUSTON MSA UNITED STATES QUARTER TO DATE LAST QUARTER (Q4 2015) TRAILINg 12 MONThS LAST QUARTER (Q4

MARKET WATCH HOUSTON INDUSTRIAL MARKET FEbRUARy 2016

HOUSTON INDUSTRIAL MARKET WATCHFebRUARy 2016

45

45

1010

290

59

90

288

99

249

8

35

6

2

2

2

3

2

2

2

1

1

1

1

1

1

1

Southeast Near

East-Southeast Far

1

2

SE

Houston CBD1 Northeast Near

Northeast Far

1

2

NE

1

2

3

SW

1

2

NW

1

2

N

1

2

Northwest Near

Northwest Far

North Near

North Far

South Near

South Far

S

Southwest Near

Southwest Far

Sugar Land

Houston | INDUSTRIAL SUBMARKETS

centR al

1. Houston CBD

southwest

1. Southwest Near2. Southwest Far3. Sugar Land

southeast

1. Southeast Near2. East-Southeast Far

south

1. South Near2. South Far

noRthwest

1. Northwest Near2. Northwest Far

noRth

1. North Near2. North Far

noRtheast

1. Northeast Near2. Northeast Far

Page 3: MARkET WATCh HOUSTON INDUSTRIAL€¦ · MARkET WATCh Industrial Sales Statistics hOUSTON MSA UNITED STATES QUARTER TO DATE LAST QUARTER (Q4 2015) TRAILINg 12 MONThS LAST QUARTER (Q4

Copyright © 2016 Transwestern. All rights reserved. No part of this work may be reproduced or distributed to third parties without written permission of the copyright owner. The information contained in this report was gathered by Transwestern from CoStar and other primary and secondary sources believed to be reliable. Transwestern, however, makes no representation concerning the accuracy or completeness of such information and expressly disclaims any responsibility for any inaccuracy contained herein.

HOUSTON INDUSTRIAL MARKET WATCHFebRUARy 2016

SEATTLE

WALNUT CREEK

LOS ANGELES

SALT LAKECITY

DENVER

MINNEAPOLIS

MILWAUKEE

ST. LOUIS

CHICAGO

DETROIT GREENWICHNEW YORK

NEW JERSEY

BALTIMORENORTHERNVIRGINIA

BETHESDAWASHINGTON DC

DALLASFORTWORTH

HOUSTONAUSTIN

SAN ANTONIO

OKLAHOMACITY

NEW ORLEANS

ATLANTA

FORT LAUDERDALEORLANDO

MIAMI-DADE

SANFRANCISCO

PHOENIXORANGE COUNTY

SAN DIEGO

BOSTON

SILICONVALLEY

TRANSWESTERNLOCATIONS

houston IndustRIal teaM

Brian GammillManaging Director [email protected]

METhODOLOgy

The information in this report is the result of a compilation of publicly available data from a variety of commercial and government sources.

CONTACT

Rachel AlexanderDirector of Market [email protected]

t 713.270.7700 F 713.270.6285www.transwestern.net/houston

1900 West Loop South, Suite 1300Houston, Texas 77027

aBout tR answesteRn

Transwestern is a privately held real estate firm specializing in agency leasing, property and facilities management, tenant advisory, capital markets, research and sustainability. The fully integrated global enterprise leverages competencies in office, industrial, retail, multifamily and healthcare properties to add value for investors, owners and occupiers of real estate. As a member of the Transwestern family of companies, the firm capitalizes on market insights and operational expertise of independent affiliates specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with Paris-based BNP Paribas Real Estate.

Transwestern was founded in Houston, Texas in 1978, and Houston remains the corporate headquarters today. As one of the preeminent commercial real estate firms in Houston, we offer a comprehensive menu of real estate services designed to provide owners, tenants and investors with the optimum solutions for their unique requirements. Transwestern has seasoned veterans in every area of expertise with the integrity, experience and creativity to be the best partner for its clients. Transwestern’s Houston office currently employs over 400 team members and has been an innovator in the Houston market for 38 years.

Darryl NoonSenior Vice [email protected]

Jude FilipponeVice [email protected]

Micheal PalmerSenior Vice President - Tenant [email protected]

Michael SnodgrassManaging Director - Structured [email protected]

Jan SparksManaging Director - Structured [email protected]

Kevin RobertsPresident, [email protected]

Carter [email protected]